Total public & publicly guaranteed external debt in Africa

According to the Mo Ibrahim Foundation Finance Africa 2024 Report, recent unforeseen and exogenous crises such as the COVID-19 pandemic and the Russia-Ukraine and Israel-Gaza conflicts have forced governments to increase public expenditure, while at the same time economic activity has shrunk with limited access to markets on very adverse terms. 

Consequently, the burden of debt and debt repayments has increased massively, especially in low-income African countries.

The situation has reached a stage where the sheer amount and, more importantly, debt servicing costs and the structure of debt have become significant obstacles for Africa to bridge the financial gaps needed to meet development goals.

Africa's total external public debt has almost tripled since 2009, rising from $220 billion to $655 billion in 2022. This is the highest public debt stock Africa has had in over a decade.